Remiss of me to forget. All old Thai hands will remember the quote from the Prime Minister at the time, when asked to comment on the effects of the crisis; "No money no honey."
This has nothing to do with a market top. The top 1% has a real thriving economy. It's not artificial like it was in 1999, it's actually real. The rest of us get "what-a-burger". Welcome to the new standard.
Lucky them. They can buy their $100 burgers. I'll buy my McDonald's burger from the Dollar Menu http://most-expensive.com/burgers-world
I agree, mostly because it's a completely bifurcated economy BY DESIGN. The catalysts for previous "asset bubbles" and market tops no longer exist. (i.e. there was a semblance of a REAL economy), sprinkled with a bit of Fed meddling. Now, it's the exact opposite. At every turn, we get excuse after excuse why we need an extremely accomodative monetary policy (gasp, housing prices might decline or asset prices might cool off).
No, it's because there is a small number of new planes available and huge numbers of buyers waving their wallets.
1) If a billionaire loses 90% of his net worth, he can still buy a lots and lots and lots of "burgers". He can still "sustain" himself. 2) If a thousandaire loses 90% of his net worth, he can only buy a few burgers. It sucks to be him. :eek:
For the stock market to keep going up it needs to be the burger eaters who are buying, not the billionaires..